NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Narendra Modi
    Amit Shah
    Box Office Collection
    Bharatiya Janata Party (BJP)
    OTT releases
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout

    India
    Business
    World
    Politics
    Sports
    Technology
    Entertainment
    Auto
    Lifestyle
    Inspirational
    Career
    Bengaluru
    Delhi
    Mumbai

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
    Home / News / World News / In major win, Indian banks can seize Mallya's global assets
    Next Article
    In major win, Indian banks can seize Mallya's global assets

    In major win, Indian banks can seize Mallya's global assets

    By Gogona Saikia
    May 09, 2018
    10:47 am

    What's the story

    In a win for 13 Indian banks, a UK court has refused to set aside an order by India's Debt Recovery Tribunal, which had resulted in worldwide freezing of Vijay Mallya's assets.

    The banks can now sell Mallya's assets in England and Wales worth his Rs. 9,000cr-debt.

    This is the first time an Indian tribunal's ruling has been registered in the English high court.

    Order

    What was the tribunal's order about?

    Mallya fled India days before the Karnataka Debt Tecovery Tribunal verdict dated January 19, 2017, which ruled he owed banks Rs. 6,203cr plus interest, totaling Rs. 9,863cr.

    Its freeze order had forced Mallya to live on 5,000 pounds a week, which was later increased to 20,000 pounds.

    It also allowed the SBI-led 13-bank consortium to seize Mallya's assets.

    Ruling

    UK court dismisses Mallya's petition, observes he's "fugitive from justice"

    In November'17, the banks registered the tribunal's judgement in English courts, obtaining a freeze-order on his assets worth Rs. 10,210cr.

    But Mallya had challenged the ruling and the freeze order.

    Dismissing his petition, UK HC Judge Andrew Henshaw QC observed Mallya is "a fugitive from justice," and hence there is risk of the value of his assets deteriorating, or of him being declared bankrupt.

    Appeal

    No permission for Mallya to appeal either

    Afterwards, Mallya's representative argued the tribunal order wasn't "sealed with a seal which shows there's no upper limit on the pecuniary jurisdiction," a necessary condition for registration of a judgement in England according to the Reciprocal Enforcement of Judgments (India) Order.

    Moreover, there's nothing "to demonstrate risk of dissipation" except a sword, which isn't included in his assets anyway.

    But Henshaw rejected both applications.

    Reax

    'This order sets a strong precedent in wilful defaulters' cases'

    "In dismissing Mallya's application, the HC has demonstrated its willingness to recognize judgments granted by courts in other jurisdictions, giving parties opportunities to enforce their judgments against any assets held here," said Paul Gair, partner at TLT, the UK law firm representing the banks.

    "This also sets a strong precedent for parties to secure a worldwide freezing order when enforcing judgments against wilful defaulters."

    Information

    Mallya meanwhile embroiled in extradition hearing

    The embattled liquor baron, who was arrested in London in April, is fighting several lawsuits in the UK, including an extradition request by India. The case is underway at the Westminster Magistrates Court, with the final hearing scheduled on July 11.

    Facebook
    Whatsapp
    Twitter
    Linkedin
    Related News
    Latest
    Vijay Mallya
    Kingfisher

    Latest

    IPL 2025, Faf du Plessis leads DC versus PBKS: Details Faf du Plessis
    Israeli soldiers used human shields in Gaza, report claims Hamas
    Woman leaves son as collateral for loan; finds him dead Andhra Pradesh
    BJP could win majority in Karnataka today: Survey report Bharatiya Janata Party (BJP)

    Vijay Mallya

    Esteban Ocon to join Sergio Perez for Force India Renault
    How is Mumbai's mood on 15th Nov? Mumbai
    Karnataka High Court directs closure of Kingfisher Airlines Mumbai
    IDBI Bank flouted norms to offer Mallya Rs 950-crore loan Mumbai

    Kingfisher

    Qatar Airways to launch India's first fully foreign-owned airline India
    Defiant Mallya says he intends to watch all ICC matches India
    Vijay Mallya at The Oval: Booed with "chor, chor" chants Vijay Mallya
    Karnataka's drought hits textbook printing, students yet to get books Karnataka
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2025